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Ratings agency Standard & Poor’s has affirmed its sovereign credit rating on Albania at "B+", with a stable outlook, the country’s Finance Ministry said on Monday as cited by news portal SeeNews.

Photo by Gil C/

The estimate is based on S&P’s expectation for a sustained medium-term economic growth, continued budget deficit control and public debt reduction, the ministry said in a press release, citing data from the rating agency.

The agency expects a temporary increase in the budget deficit to 2.2% of gross domestic product (GDP) this year, up from 1.9% estimated in 2019, as the government will work intensively on post-earthquake reconstruction, as well as continue to clear arrears, the ministry noted, SeeNews said.